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Emerging Markets

Refusal to rehabilitate puts recovery rates at risk

Companies at, or nearing, insolvency have more options for rehabilitation in this recession than they did during the downturn of the early 1990s. But there are worrying signs that they are not getting the help that they might, damaging recovery rates for lenders.

  • 02 Dec 2008

Consensus estimates for leveraged loan default rates in the current downturn slump have now risen to around 10%, but, worse, the highly levered, covenant-lite structures that were favoured in the 2005-2007 leveraged buyout boom are likely to deliver low recovery rates.

Some covenants are so loose that lenders ...

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Bookrunners of International Emerging Market DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 27 Oct 2014
1 HSBC 94,774.70 615 10.31%
2 Citi 91,124.95 465 9.91%
3 Deutsche Bank 80,306.37 402 8.74%
4 JPMorgan 80,152.75 385 8.72%
5 Bank of America Merrill Lynch 50,915.90 292 5.54%

Bookrunners of LatAm Emerging Market DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 28 Oct 2014
1 Citi 12,541.21 56 11.04%
2 JPMorgan 11,685.40 39 10.28%
3 HSBC 11,550.04 45 10.17%
4 Bank of America Merrill Lynch 11,112.31 42 9.78%
5 Deutsche Bank 9,109.83 32 8.02%

Bookrunners of CEEMEA International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 28 Oct 2014
1 Citi 14,460.22 57 12.61%
2 JPMorgan 13,457.32 41 11.73%
3 HSBC 10,120.81 42 8.82%
4 Deutsche Bank 9,197.00 38 8.02%
5 Barclays 9,035.36 28 7.88%

EMEA M&A Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 27 Oct 2014
1 Goldman Sachs 342.93 113 7.68%
2 JPMorgan 321.74 104 7.20%
3 Bank of America Merrill Lynch 274.37 82 6.14%
4 Deutsche Bank 266.35 96 5.96%
5 Lazard 264.72 131 5.93%

Bookrunners of Central and Eastern Europe: Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 28 Oct 2014
1 ING 1,794.39 18 7.86%
2 SG Corporate & Investment Banking 1,756.32 12 7.69%
3 UniCredit 1,732.50 13 7.59%
4 RBS 1,692.14 6 7.41%
5 Citi 1,529.52 13 6.70%

Bookrunners of India DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 29 Oct 2014
1 Standard Chartered Bank 3,652.27 35 10.43%
2 AXIS Bank 2,887.35 77 8.24%
3 Deutsche Bank 2,720.57 39 7.77%
4 HSBC 2,342.33 25 6.69%
5 ICICI Bank 2,046.44 54 5.84%